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StartUp West Africa Report - Nigeria

Are you interested in starting a business in Nigeria? Do you want to know the key players, the culture, challenges and opportunities that lie within? Here is a brief 15 mins guide of everything you need to know

StartUp West Africa Report - Nigeria

3.
Why Nigeria?
“Nigeria has the largest economy in Africa and is the world’s 26th largest economy, bigger than
Egypt, Angola, Kenya, Croatia and Lebanon combined, and 12 times the Ghanaian economy.”
Seye Akinnaike (2014)

4.
Nigeria at a Glance
7th most populous nation in the world
with 170 + million people
World Bank (2013)
83 million + internet users
Among the top three emerging broadband
markets
ITV News (2015)
Between 2000 and 2014 the middle class
grew by 600%
Standard Bank (2014)

11.
Challenges faced by Start-ups
“People don't
know how
powerful their
smart phones are”
“Expensive to access
the internet”
“Electricity
challenges make
it more expensive
to run a start-up”
“Slow internet
connection”
Hugo Obi
Co-Founder of MALIYO
and
Founder of Save & Buy

12.
Local Budding Entrepreneurs Findings
48% stated that the number of people
with the right skills to help start-up
thrive are not available
96% stated that access to capital/finance
is difficult
50% stated that registering a business in
Nigeria is complicated
74% stated that most Nigerians are
entrepreneurial
86% stated that Nigeria lacks adequate
infrastructure to help start-ups and
foster growth
163 respondents across Lagos (UniLag) and Ogun State (Covenant University)
80% stated that the right regulations are
not in place to allow start-ups thrive

13.
Regulations
“Laws put in place to
curb fraud could
hamper monetisation
for start-ups”.
“No special laws to
incentivise
Entrepreneurs”
“e.g. Start-up are not allowed to collect/store credit card details. This means start-up
cannot do subscription-based services, which are more frictionless methods and well
used in developed countries.” Eric Osiakwan
Eric Osiakwan
Tech Entrepreneur &
Investor
Michael Ugwu
Founder of Freeme Digital

14.
“There are tons of
challenges, however its
very rewarding when
you get it right…”
Raphael Afaedor
co-Founder & CEO - Supermart.ng
ex-MD and Co-Founder of JUMIA
The Ecosystem

16.
98% are religious
87% are proud of their culture
95% are social who enjoy networking
and meeting new people
97% stated that family means a lot to
them
75% are motivated by money and have
a drive to succeed
97% stated that their appearance means
a lot to them
95% have a long-term vision and know
where they want to be in 5 to 10 years
Local Culture
163 respondents across Lagos (UniLag) and Ogun State (Covenant University)

18.
Web Culture
Online engagement prevalent
among political youth
Online support for Muhammad Buhari
election campaign shows that the Nigerian
youths are using social media to champion
political causes…

20.
Opportunities
40% + of the Nigerian population is under
15 years
Housing
Education
Health
Agriculture
“The next big
thing in Nigeria
will be customer
facing
technology”
Oluseye Soyode-Johnson
Services
Predicted to be in the Top 20 Economies
By 2030
Source: World bank (2014)
Africa’s Largest Economy with GDP
standing at $521.8 billion
Infrastructure